BlackRock’s iShares Bitcoin Trust: Closer Than Ever with DTCC Listing
The highly anticipated spot Bitcoin ETF of BlackRock – the iShares Bitcoin Trust is on the DTCC’s register. This marks a move towards the eventual approval of this fund by regulators as mentioned in the statement above.
The listing of DTCC though yet to be approved by SEC has made the crypto community excited. Blackrock fund is denoted as IBM by DTCC and as an IBTC spot ETF listed first on DTCC.
While commenting on the progress, Bloomberg senior ETF analyst, Eric Balchunas said, “certainly noticeable that Blackrock is taking the lead while seeding, ticker and DTCC are about to happen.” Adding further, he observed, “without any doubt,
While it may seem to be a rather mellow ticker ($IBTC), Balchunas notes that it is well suited as part of the overall BlackRock’s brand message aimed at addressing the wealth management clientele and their respective high net worth clients. Contrary to options such as HODL that may not resonate much with typical investors’ preferences towards investments, he states.
Twelve spot bitcoin ETFs also including blackrock’s iShares Bitcoin trust are waiting for SEC approval at this moment. The other asset managers competing in this race are Grayscale Investment, Fidelity and Wisdomtree. Recently, the SEC postponed for at least one more month all applications pending for these funds awaiting finalization.
The expected approval of Bitcoin by the SEC has seen its price go high with an increment of 10.8% in the last 24hrs and a 25.3% gain in the last month. According to CoinGecko, bitcoin briefly hit over $35,000 on Monday, which is its highest price attained in more than one year.
The DTCC listing has injected some optimism that the trust may soon come into existence as an index in the crypto investment world pending the final regulatory nod. Keep updated about additional details regarding this revolutionary breakthrough.
